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Board directs use of ARPA interest and surplus to close gap on Honey Creek Nature Area; policy target raised to 40%
Summary
Trustees directed staff to use ARPA interest earnings and review projected surplus to help fill a roughly $209,000 funding gap for the Honey Creek Nature Area project, and asked staff to update the fund‑balance policy to target 40% rather than 35%.
Village staff presented funding options for the Honey Creek Nature Area project, reporting a total project cost of $817,832.50 and a stewardship grant award of up to $458,300 that requires a 50% local match. The village had previously reserved $200,000 for the project, leaving an estimated shortfall of approximately $208,916.
Eileen (staff) recommended first applying ARPA interest earnings (estimated at about $30,000), reviewing projected general‑fund surplus for 2025 (she projected roughly $200,000, subject to final year‑end numbers) and, if necessary, using planned 2027 tax‑exempt borrowing with the village’s reimbursement authority. Trustees directed staff to apply ARPA interest, examine the surplus in March/April 2026 and return with a final funding recommendation once year‑end numbers are available.
Trustees also signaled support for updating the village’s fund‑balance policy to target a 40% operating fund balance (up from 35%) as part of the board’s financial management goals. Staff will present cost estimates for proposed pavilion and playground items so that the board can finalize scope and funding when it reconvenes on project budgeting.
No formal vote was required on the funding direction at the meeting; trustees gave staff consensus direction to proceed with the recommended approach and to return with final numbers in early 2026.
